Public comments sought on Strata Titles Law

Public comments are being sought on a discussion paper that identifies issues of possible reform of the Strata Titles Registration Law (2005 Revision).

The proposed reform involves the management of strata schemes and the termination and variation of those schemes.

In January 2009, members of the public were invited by the Law Reform Commission to submit their comments on any aspect of the regulation of strata on the Islands or to highlight any issues or problems which have arisen with the law. Most responses indicated that there were problems in the management of strata schemes and that there was insufficient regulation of the termination of strata schemes.

The Commission decided to deal with these matters first while it continues consultation on the reform of the creation of strata schemes and regulation of the staged development of schemes.

Topics in the discussion paper include: duties of corporations; preparation and auditing of financial statements;levy of contributions on proprietors; bylaws including bylaws granting exclusive use of common property; regulation of executive committees; regulation of meetings; and insurance, including insurance deductibles.

The Commission also invites suggestions on the outstanding issues identified in the paper.

Comments should be submitted in writing by 17 May to the Director of the Law Reform Commission, 3rd Floor Anderson Square c/o Government Administration Building or sent by e-mail to [email protected]

The discussion paper and draft bill are available on www.gov.ky; look on the home page under Features.

The proposed reform involves the management of strata schemes and the termination and variation of those schemes.